Grey Builds African Payment Rails to Reduce Reliance on the US Dollar

Grey is expanding payment connections between African markets in an effort to make cross-border transfers more reliable and secure the foreign currency required to settle them, according to co-founder and chief executive Idorenyin Obong.

Obong discussed the company’s payments infrastructure at a press briefing during Moonshot by TechCabal 2026. He said Grey had invested in payment rails within Africa and had partnered with providers across its markets to source currencies and settle transfers in real time.

Focus on reliability and liquidity

Grey enables individuals and businesses to send and receive money across markets including Nigeria, Kenya and Ghana. Obong identified two key challenges facing cross-border payments in Africa: reliability, or ensuring that transfers arrive as expected, and liquidity, meaning access to enough of the required currency to complete a transaction.

“We have invested in building rails within Africa,” Obong said.

Cross-border transfers between African countries have often depended on fragmented payment systems, currency conversion and the availability of foreign currencies. Transfers between two African currencies have traditionally been routed through the US dollar, adding another step to the process.

Direct currency conversion

Grey now directly converts some African currencies without using the dollar as an intermediary. The company has not specified all the currency pairs available through the service.

“The crux of the matter is that there used to be a need for an intermediary, but we have built out these exotic currency pairs so that you don’t have to go that extent,” Obong said.

The approach is intended to support settlements between African markets without requiring every transaction to pass through the US currency. A trader in Lagos, for example, could potentially pay a supplier in Nairobi through direct settlement between the relevant currencies where that connection is available.

The broader push for regional payment integration also includes the Pan-African Payment and Settlement System, which allows participating African countries to settle cross-border payments in their own currencies. TechCabal reported in June that the Central Bank of Nigeria was pursuing closer regional payments integration, including links to PAPSS.

New products for businesses and local deposits

Grey launched Grey Business in February as a multi-currency account for startups and small businesses. In July, it added local-currency deposits in Ghana and Kenya, allowing users to fund their accounts through bank transfers or mobile money.

Grey’s latest payments efforts form part of its wider service for moving money across African markets. The company says its partnerships and direct currency conversions can help address the settlement and currency-access challenges that affect regional transfers.